In the second quarter of this year, net profit amounted to PKN Orlen
1.367 billion zł. This is much less than analysts had expected. The company also announced the write-down in the mining sector.
Revenue amounted fuel giant 24.776 billion zł to
consensus at 24.629 billion zł. Compared to the previous quarter
This item was higher by 23.9%, and compared to the same period
last year, lower by 13.5%. The impact of lower revenues were obviously lower fuel prices. This negative effect was partially offset by an increase in sales volumes.
Orlen’s net profit amounted to 1.367 billion zł towards consensus on
the level of 1.976 billion zł (-30.8%). Such developments are the analysts’ forecasts
increase the pressure on the share price of the fuel tycoon, who in anticipation of the
results was driven up to
the highest level in history. What’s more, the most pessimistic
forecast of the result of Orlen said zł 1.4 billion profit, while most
optimistic even 3 billion zł.
When informing about the results, the company also said that in the second
quarter has 429 zł million write-down
within the upstream segment.
“A group of Orlen Upstream has determined, based on the
collected in the work to date data, the most promising
areas for further exploration of hydrocarbons in Poland. Narrow your search area
It resulted in a partial write-off of assets related to exploration and
identification of mineral resources in the amount of (429) million zł “- stated in the report.
According to the company, excluding the write-down
LIFO EBITDA would amount to 2.89 billion zł, EBITDA of 3.06 billion zł, and EBIT of 2.59 billion
zł.
The group processed in the second quarter, 8.1 million tons of oil. During this period there was an increase crude oil throughput by 26 percent. year on year,
what influenced higher capacity utilization in all refineries and
consolidation of 32 percent. Ceska Rafinerska shares purchased from ENI from
May 2015.
The downstream margin in the period was US $ 15.1 per barrel to US $ 12.6 per barrel in the quarter before.
“The increase in production and sales in all segments – despite
lower fuel margins in retail – reinforced the effect of higher margins
Downstream at considerably lower than a year ago, oil prices “-
He said Slawomir quoted in the release Jędrzejczyk, vice president.
financial resources.
“Good macro environment has, but we are far from treating it in
the long term as a foundation for further value creation
the concern. Therefore (…) in the second quarter developed stable rates
Financial – we have reduced debt and maintained leverage
at a safe level, “- said Jacek quoted in the release
Krawiec, CEO of PKN Orlen.
| | Q2 2015 | consensus | difference | r / r | q / q |
|---|---|---|---|---|---|
| Revenue (million zł) | 24,776 | 24629 | 0.60% | – 13.50% | 23.80% |
| EBITDA (million zł) | 2627 | 3064 | – 14.30% | | 58.10% |
| EBITDA LIFO (million zł) | 2458 | 2904 | – 15.30% | | 29.40% |
| EBIT (million zł) | 2163 | 2583 | – 16,30% | | 78.80% |
| LIFO EBIT (million zł) | 1994 | 2419 | – 17,60% | | 37.80% |
| Net profit (mln zł) | 1367 | 1976 | – 30.80% | | 57,50% |
| margin EBITDA | 10.60% | 12.50% | – 1.9 | 25.59 | 2.3 |
| EBIT margin | 8.70% | 10.60% | – 1.89 | 25.54 | 2.68 |
| margin Net | 5.50% | 8.10% | – 2.59 | 24.33 | 1.18 |
| PAP | |||||
The downstream segment operating profit amounted Orlen in the second quarter.
2015. Zł 2.39 billion, compared to minus 4.8 billion zł year earlier. This segment includes the production and sale of refining and petrochemical as well as activities in the area of energy.
The retail segment’s operating profit fell to 253 million from 272 million zł zł a year ago. Mining recorded zł 455 million operating loss zł to 1 million loss in the second quarter. 2014.
In the retail segment, the Group recorded sales growth on the market
Polish and Czech, while volumes were lower on the German market.
PKN indicates a reduction in fuel margins while improving
non-fuel margins.
Orlen in the field of mining, “rationalizing expenditure ‘, taking into account
the situation in the oil and gas market. He informed that no new wells
The second quarter. 2015. “Due to annual seasonal technical break in
Alberta “.
PKN Orlen is the first company with WIG20, which is shared with
investors report for the second quarter. The terms of other publications check
see our “timetable”.
/ m, PAP
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